Iñaki Aldasoro | Lightnews

Iñaki Aldasoro @aldasoro.bsky.social · 4h

Man the latest newsletter by @molly.wiki is superb, hits you like a brick

Iñaki Aldasoro @aldasoro.bsky.social · 6h

On the first, good point. I reckon this does play a role although hard to quantify, and, I think that the disconnect is too stark.
On the second, from the last look we had at the data: no, not really much differentiation.

Iñaki Aldasoro @aldasoro.bsky.social · 6h

Don’t, we were all having a great laugh!

Iñaki Aldasoro @aldasoro.bsky.social · 6h

We have a running joke for some time now among the coauthor team, and @katie0martin.ft.com beautifully played to it by saying “Iñaki Aldasoro and some colleagues”, I will print and frame the transcript

Iñaki Aldasoro @aldasoro.bsky.social · 7h

With reference to our recent bulletin on the changing financing patterns of the AI boom.

Katie Martin @katie0martin.ft.com · 2d

👂POD TIME👂
me and @robarmstrong.bsky.social on:

- Trump unleashed 🌎
- markets unfazed 😌
- even when he "has a screw-around with the corporate economy" 🤷🏻
- AI: credit vs equity 🫧
- kill the nudify stuff with fire 🔥

www.ft.com/content/140d...

Outlook 2026

How long can the markets ignore world events?

www.ft.com

Iñaki Aldasoro @aldasoro.bsky.social · 1d

Song of the day, in honor of 10th anniversary of his passing

youtu.be/kszLwBaC4Sw?...

Iñaki Aldasoro @aldasoro.bsky.social · 1d

Is GDP still on the blockchain?

Iñaki Aldasoro @aldasoro.bsky.social · 1d

The answer is: less meetings

ArXiv Paperboy (Econ.GN + Econ.TH) @arxivecongnbot.bsky.social · 2d

arXiv📈🤖
Optimally designing purpose and meaning at work
By Cabrales, Hauk

Many workers value purpose and meaning in their jobs alongside income, and firms need to align these preferences with profit goals. This paper develops a dynamic model in which firms invest in purpose to enhance job meaning and motivate effort. Workers, who differ in productivity, choose both productive and socialization effort, gaining utility from income and meaning. Purpose accumulates over time through firm investment and interacts with socialization to generate meaning, which boosts productivity. Firms invest in purpose only insofar as it raises profits. We characterize the unique equilibrium, including steady state and transition dynamics. Meaning and purpose rise with the importance workers place on meaning and with firm's patience, but fall with depreciation and socialization costs. The relationship with workers' share of output is nonmonotonic. We also show that some intermediate level of heterogeneity in skills is best for performance. Compared to a worker-owned firm, profit-maximizing firms underinvest in purpose, highlighting a misalignment between firm incentives and worker preferences. The model provides insight into when and why firms adopt purpose-driven practices and underscores the role of diversity in fostering meaning at work.

ArXiv Paperboy (Econ.GN + Econ.TH) @arxivecongnbot.bsky.social · 2d

arXiv📈🤖
Optimally designing purpose and meaning at work
By Cabrales, Hauk

Katie Martin @katie0martin.ft.com · 2d

👂POD TIME👂
me and @robarmstrong.bsky.social on:

- Trump unleashed 🌎
- markets unfazed 😌
- even when he "has a screw-around with the corporate economy" 🤷🏻
- AI: credit vs equity 🫧
- kill the nudify stuff with fire 🔥

www.ft.com/content/140d...

Outlook 2026

How long can the markets ignore world events?

www.ft.com

Iñaki Aldasoro @aldasoro.bsky.social · 2d

I remember listening to Blackstar again and again on the train to Basel as I came to the job interview a decade ago. An absolute genius, going with that artistic statement.

Euronews @euronews.com · 2d

Today marks David Bowie's would-be 79th birthday, as well as the 10-year anniversary of the release of his final studio album 'Blackstar'. The music icon's widow Iman and daughter Lexi have posted their tributes online.
➡️ https://l.euronews.com/nN5g

Iñaki Aldasoro @aldasoro.bsky.social · 2d

The timeline we live in is really incredibly stupid. I am every single day astonished of how stupid it is. Maybe one day we (or future historians) will look back and wonder, wtf were we thinking?

Euronews @euronews.com · 2d

Today marks David Bowie's would-be 79th birthday, as well as the 10-year anniversary of the release of his final studio album 'Blackstar'. The music icon's widow Iman and daughter Lexi have posted their tributes online.
➡️ https://l.euronews.com/nN5g

Iñaki Aldasoro @aldasoro.bsky.social · 2d

Career highlight to have an article featuring my work with a Zoolander meme.
Thank you @tobyn.bsky.social

Financial Times @financialtimes.com · 2d

Putting the US AI boom(let) in perspective ft.trib.al/bVrCvtg

Putting the US AI boom(let) in perspective

Smaller than you might’ve thought

ft.trib.al

Financial Times @financialtimes.com · 2d

Putting the US AI boom(let) in perspective ft.trib.al/bVrCvtg

Putting the US AI boom(let) in perspective

Smaller than you might’ve thought

ft.trib.al

Erin Lockwood @erinkaylockwood.bsky.social · 4d

Interesting detail in this BIS report on debt financing the AI boom: private credit judges AI firms to be about as risky as non-AI firms, but soaring equity markets suggest investors see this sector in far rosier terms.

Someone is wrong.

The long-term viability of the AI investment surge depends on meeting the high expectations embedded in those investments, with a disconnect between debt pricing and equity valuations. Failure to meet expectations could result in sharp corrections in both equity and debt markets. As shown in Graph 3.C, the loan spreads charged on private credit loans to AI firms are close to those charged to non-AI firms.6 If loan spreads reflect the risk of the underlying investment, this pattern suggests that lenders judge AI-related loans to be as risky as the average loan to any private credit borrower. This stands in stark contrast to the high equity valuations of AI companies, which imply outsized future returns. This schism suggests that either lenders may be underestimating the risks of AI investments (just as their exposures are growing significantly) or equity markets may be overestimating the future cash flows AI could generate.

Iñaki Aldasoro @aldasoro.bsky.social · 4d

While macroeconomic and fin. stability risks from the AI boom appear moderate when set against previous investments booms, the boom's sustainability hinges on AI firms meeting high earnings expectations. The fact that equity prices have run far ahead of debt market pricing underscores this tension.

Iñaki Aldasoro @aldasoro.bsky.social · 4d

The size of anticipated investment needs will require firms to shift the source of financing from operating cash flows to debt, with private credit playing a rapidly increasing role as capex runs significantly ahead of cash flows

Iñaki Aldasoro @aldasoro.bsky.social · 4d

Investment related to artificial intelligence (AI) is surging (both in nominal amounts and as a share of GDP) and currently accounts for a meaningful share of economic growth (though not thaaat much)

Iñaki Aldasoro @aldasoro.bsky.social · 4d

Song of the day

youtu.be/M_-H3-CndVo?...

Iñaki Aldasoro @aldasoro.bsky.social · 4d

This is me over the past month, when the Bulletin was done and I kept on seeing articles on the issue coming out

Iñaki Aldasoro @aldasoro.bsky.social · 4d

Fair!
But it is a different part of the news cycle 😅
You might have noted we cite your podcasting partner in crime

Katie Martin @katie0martin.ft.com · 4d

this feels important! something has to give

Iñaki Aldasoro @aldasoro.bsky.social · 4d

Y’all look like you a need a break from the news cycle. Why not read our new Bulletin on the how the financing of the AI boom is shifting from cash flow to debt financing!?

www.bis.org/publ/bisbull...

Financing the AI boom: from cash flows to debt

www.bis.org

Iñaki Aldasoro @aldasoro.bsky.social · 4d

An innovation we can all get behind

Euronews @euronews.com · 4d

Too many meetings, too little time? A new AI software, unveiled at CES in Las Vegas, builds “digital twins” using an employee’s voice, video and knowledge, allowing them to be in two places at once.

Can this AI digital twin help you skip some of those work meetings?

Too many meetings, too little time? A new AI software, unveiled at CES in Las Vegas, builds “digital twins” using an employee’s voice, video and knowledge, allowing them to be in two places at once.

l.euronews.com

Euronews @euronews.com · 4d

Too many meetings, too little time? A new AI software, unveiled at CES in Las Vegas, builds “digital twins” using an employee’s voice, video and knowledge, allowing them to be in two places at once.

Can this AI digital twin help you skip some of those work meetings?

Too many meetings, too little time? A new AI software, unveiled at CES in Las Vegas, builds “digital twins” using an employee’s voice, video and knowledge, allowing them to be in two places at once.

l.euronews.com

Iñaki Aldasoro @aldasoro.bsky.social · 4d

The culinary version of AER and AER: P&P

Dan Davies @dsquareddigest.bsky.social · 4d

There is a difference between "Michelin rated" and "Michelin stars". In fact, Boston has previsely one restaurant, with a single Michelin star. Same as Anglesey.

Microwaved Brisket @powellperaltarip.bsky.social · 5d

I'm currently in Boston, and have 26 Michelin rated restaurants within a 4 mile radius of my current location and I can see one of them outside my window across the street from my office.

Dan Davies @dsquareddigest.bsky.social · 4d

There is a difference between "Michelin rated" and "Michelin stars". In fact, Boston has previsely one restaurant, with a single Michelin star. Same as Anglesey.

Microwaved Brisket @powellperaltarip.bsky.social · 5d

I'm currently in Boston, and have 26 Michelin rated restaurants within a 4 mile radius of my current location and I can see one of them outside my window across the street from my office.

Iñaki Aldasoro @aldasoro.bsky.social · 4d

It seems it is important that we stretch the electricity grid, deplete water resources for cooling and devote vast monetary sums so that random anon accounts are able to generate images of people (mostly women, often underaged) against their consent. This is what the market demands.

Joey Politano🏳️‍🌈 @josephpolitano.bsky.social · 4d

NEW from me:

The US is losing blue-collar jobs for the first time since early COVID or the Great Recession—the country has lost 65k jobs over the last year as manufacturing, transport, & mining employment decline, while growth in construction has nearly zeroed out
www.apricitas.io/p/america-is...

America is Losing Blue Collar Jobs

For the First Time Since Early COVID & the Great Recession, the US is Losing Jobs in Manufacturing, Construction, & Other Blue Collar Industries

www.apricitas.io

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